China Tries to Boost Real-Estate Market

China said it will expand public housing and urged real-estate developers to cut home prices, as it tries to boost housing sales and the construction industry to support the weakening economy and avert further job losses.

Prices are “still not affordable for ordinary people,” four government agencies said in a joint statement. “The key to revitalizing the real-estate market is to set reasonable prices,” the housing ministry, finance ministry, central bank and the National Development and Reform Commission said.

The comments display the government’s continued focus on boosting the housing market, after it announced measures to aid home buyers in October and mid-December. At a news briefing on Tuesday, officials said the government will build more government-subsidized and affordable housing, but officials didn’t offer new ideas for boosting sales, which have been falling together with house prices in recent months.